Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 25% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon Gateway Mortgage Group’s receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavitreview and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeFinal Draw Information: Signed Draw RequestFinal inspection/Completion Certificate will be required for release of final fundsA Title Update showing property free from lien or encumbranceGeneral Contractor’s Lien Waiver AffidavitAffidavit of Completion, will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval by lender.

No student loans or any other outstanding debt.

M&M Properties LLC is our property management company and has so far done an outstanding jab for us and our tenant!

Location-Most nationwide wholesale/private/commercial lenders have minimum population/local economy requirements. 

@Rachan MalhotraI believe it will work because you will most likely be getting a 1099 for the amount of the outstanding loan from the 401k provider.

If you don't pay a 401(k) loan back within five years, the outstanding balance will be considered a 401(k) distribution. 401(k) withdrawals are subject to income tax and might also trigger a 10 percent early withdrawal penalty.

The deal you described is outstanding, but not all deals are that good. 

By second tier do you mean this is a your 2nd outstanding VA loan you have or something else?

I’ve listened to many episodes of this outstanding podcast, and this one is a keeper!!

Do you by any chance know of any off the top of your head that are nationwide.